NFTs have become the latest trend for the technology and art industry. In recent months, the news surrounding the highly priced NFT sales have garnered the attention and discussion of users worldwide. According to the data collected from the NFT market CryptoSlam, the sales for encrypted art collectible has surpassed $ 1 Billion in just the past month. 

Everything is an NFT

On March 12th 2021, Christie was able to auction the digital Beeple painting, named -"Everydays: The First 5000 Days" at a hammer price of $60.25 million. This allowed Beeple to not only set the third-highest price record for auctioned works of living artists, but also break out of the NFT ecosystem and became a hot commodity in the technology, art, investment, and collectibles sectors. The rise of NFTs have led blockchain technology to enter the mainstream where anyone is able to convert their artwork into NFTs for sales.

Despite the NFT market hitting new auction highs, several issues have also begun emerging. Does NFT really have value; is it a bubble or is it an innovation? Can the digital art really sustain a long-term development if we continue to innovate and expand it to new horizons? NFTs can be an artwork, music piece, architecture design, sports shoes, emoticons, tweets etc. It just depends on whether the traded commodities have real copyrights and whether the trading platform is safe and stable. As the excitement for NFTs subside, HDAO, the world's top decentralized autonomous organization (DAO) platform, which has been deeply involved in the industry for many years, will induce the integration between HDAO and NFT, and allow it to take off.

HDAO’s NFT Minting System allows users to conveniently place real world assets on the blockchain as collateral, while also searching for suitable collaborative partners, and communities through the HDAO on-chain ecosystem. With the HDAO NFT Minting System, users are able conduct limitless and borderless digital asset exchange. Anyone can freely use the system to exchange physical and digital assets when they need it, and carry out exchanges on the HDAO platform, without the need for a centralized third-party agency on the HDAO platform.

HDAO's Minting System is able to solve the authenticity issue and create a level of scarcity. Previous digital art works experience difficulties in dealing with this issue, since they can be duplicated at will, unlike NFTs. The level of duplication found in some art works is very high, and thus requires a substantial amount of money to hire an expert to appraise the item and verify its authenticity. On the contrary, NFT-based digital artwork cannot be tampered with and can avoid authenticity issues.

As a decentralized autonomous organization (DAO) platform, all of HDAO’s decisions are made by its members through community voting. This shows that HDAO is an organization that can operate without any executive members and subordinate structures. In the traditional organizational structure, organizational representatives have the right to make the decisions and many may end up making decisions for their own self interests. This results in the possibility that some members lose their interests in favour of the decision makers’. HDAO uses native tokens as rewards to incentivize all organization members to make decisions that are beneficial to the development of the organization. This positive cycle management mechanism will be a good development environment for HDAO.

Recently, the Japanese artist Takashi Murakami has officially announced the launch of 12 NFT emoticons, which will be sold at auction. At present, the highest price is estimated to be around 144 Ether (about 254 000 USD). Like Bitcoin, NFT is currently being placed on a high pedestal, but there are also many skeptics who think it is a bubble that is about to burst. However, it is not difficult to imagine that artists we are familiar with will be entering the NFT fray one after another, hoping to get a share of it. HDAO will continue to improve the NFT ecosystem construction and accelerate the implementation and optimization of blockchain technology.